The Consumer Financial Protection Bureau has proposed a rule to ban class-action waivers in arbitration agreements.
As the CFPB summarizes:
First, the proposed rule would prohibit covered providers of certain
consumer financial products and services from using an agreement with a
consumer that provides for arbitration of any future dispute between the
parties to bar the consumer from filing or participating in a class
action with respect to the covered consumer financial product or
service. Second, the proposal would require a covered provider that is
involved in an arbitration pursuant to a pre-dispute arbitration
agreement to submit specified arbitral records to the Bureau.
Many law professors signed a letter supporting this rule.
Further support from Brooklyn Law Professor David Reiss